Campbell has repeatedly been linked with a move to Villarreal, who have qualified for next season's Champions League.
Pompey recently dismissed as 'nonsense' reports that the centre-half would be allowed to leave Fratton Park.
General manager Jose Manuel Llaneza told the Spanish media: "Villarreal is not predicting the arrival of another defender.
"That is clear. Now, we do not need more defenders.
"If Martin Caceres (who has been on loan at Recreativo) returns, the defence is reinforced well, but the decision lies with the coach."